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As the Tribune Co. looks to sell its Chicago Cubs baseball team, with the Ricketts family looking like the most likely buyer, the company is reportedly considering putting the team into bankruptcy to speed up the process.

A Chicago Cubs bankruptcy would make it the first team to file since the Seattle Pilots in 1970; the team played one season (1969) and then filed for bankruptcy. It was then sold to future Commissioner Bud Selig who moved the team to Milwaukee and changed the name to the Brewers.
An unnamed source told Fox Business that a bankruptcy filing "is an option that is under consideration. It amounts to what would be a potential way of clearing the team from any other liabilities and claims. It could be a relatively short process."

Putting the team in bankruptcy would help extricate it from Tribune's own bankruptcy woes, and allow for a cleaner, quicker sale to the Ricketts family.

Chicago Cubs manager Lou Piniella talks to the media on June 26. A Cubs bankruptcy filing would mark the first sports team bankruptcy since 1970. Click through the gallery for the latest bankruptcy news.